The Cairo Economic Court rejected on Wednesday an appeal filed by Golden Pyramids Plaza against a court of arbitration ruling from March 2015, which ordered Golden Pyramids to pay Orascom Construction Industries (OCI) and Consolidated Contractors International EGP 260.8 mn and USD 43.4 mn plus interest, Golden Pyramids said in a bourse filing (pdf). The company’s appeals had been rejected numerous times, including in February 2018 and in July 2017. Last month, OCI took a step further in the legal battle and sued Golden Pyramids and the Arab African International Bank (AAIB), which had apparently acted as financial guarantor for Golden Pyramids.

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